Brokerages Set MYR Group, Inc. (NASDAQ:MYRG) Target Price at $328.86

MYR Group, Inc. (NASDAQ:MYRG) has been assigned an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $328.8571.

MYRG has been the topic of a number of research analyst reports. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a report on Monday, May 4th. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research note on Thursday, April 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, The Goldman Sachs Group raised their target price on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in MYR Group by 3.3% during the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock worth $276,501,000 after acquiring an additional 40,164 shares during the last quarter. Wellington Management Group LLP boosted its stake in MYR Group by 63.5% during the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after acquiring an additional 396,502 shares during the last quarter. Fisher Asset Management LLC boosted its stake in MYR Group by 4.7% during the 4th quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock worth $103,068,000 after acquiring an additional 21,304 shares during the last quarter. Geode Capital Management LLC boosted its stake in MYR Group by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock worth $86,574,000 after acquiring an additional 13,511 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in MYR Group by 2.3% during the 4th quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider’s stock worth $84,998,000 after acquiring an additional 8,695 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 2.1%

Shares of NASDAQ:MYRG opened at $440.68 on Wednesday. MYR Group has a 12 month low of $154.55 and a 12 month high of $480.00. The company’s 50-day moving average price is $333.35 and its two-hundred day moving average price is $272.59. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a market cap of $6.86 billion, a P/E ratio of 48.59 and a beta of 1.30.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the prior year, the firm earned $1.45 EPS. The company’s revenue was up 20.0% on a year-over-year basis. As a group, research analysts forecast that MYR Group will post 10.59 EPS for the current fiscal year.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.